Nuveen Asset Management LLC Lowers Position in Scorpio Tankers Inc. (NYSE:STNG)

Nuveen Asset Management LLC lessened its stake in Scorpio Tankers Inc. (NYSE:STNG) by 46.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,243 shares of the shipping company’s stock after selling 82,645 shares during the period. Nuveen Asset Management LLC owned about 0.19% of Scorpio Tankers worth $4,683,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of STNG. FMR LLC boosted its position in Scorpio Tankers by 266.2% in the 4th quarter. FMR LLC now owns 2,613,611 shares of the shipping company’s stock worth $129,870,000 after purchasing an additional 1,899,981 shares in the last quarter. Cooper Creek Partners Management LLC increased its stake in shares of Scorpio Tankers by 380.0% in the 4th quarter. Cooper Creek Partners Management LLC now owns 2,195,563 shares of the shipping company’s stock valued at $109,098,000 after purchasing an additional 1,738,190 shares in the last quarter. Norges Bank purchased a new position in shares of Scorpio Tankers in the 4th quarter valued at about $30,374,000. Vanguard Group Inc. increased its stake in shares of Scorpio Tankers by 22.3% in the 4th quarter. Vanguard Group Inc. now owns 2,511,285 shares of the shipping company’s stock valued at $124,786,000 after purchasing an additional 458,120 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Scorpio Tankers in the 4th quarter valued at about $14,426,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on STNG. Stifel Nicolaus cut their price target on Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a research note on Friday, February 14th. Jefferies Financial Group reiterated a “buy” rating and set a $65.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 1st. Evercore ISI cut their price objective on Scorpio Tankers from $60.00 to $57.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Finally, Fearnley Fonds upgraded Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Scorpio Tankers has a consensus rating of “Moderate Buy” and a consensus target price of $60.50.

Scorpio Tankers Price Performance

STNG stock opened at $39.79 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The business has a 50 day simple moving average of $37.84 and a 200-day simple moving average of $44.00. The firm has a market capitalization of $2.03 billion, a PE ratio of 3.05 and a beta of -0.12. Scorpio Tankers Inc. has a 1 year low of $30.63 and a 1 year high of $84.67.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. The firm had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $205.89 million. During the same period in the prior year, the firm posted $3.97 earnings per share. The firm’s quarterly revenue was down 45.3% on a year-over-year basis. Equities research analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Friday, May 30th. Scorpio Tankers’s dividend payout ratio is presently 15.76%.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.